There are great signs of improvement in Macomb County's housing industry. Figures released by Farmington Hills-based Realcomp show double-digit increases in the county's October home sales and the median sale price of those homes.
Home sales in Macomb County were up 26 percent in October 2012, with 1,068 homes sold compared to 847 homes sold the month before.
The median sale price for homes in Macomb Township and across the county was up 17 percent in October, with the average home selling for $82,000 compared to $70,000 in September.
"Real Estate has been fast and furious these last few months going into October with interest rates around 3-4 percent and home prices still down," said Jan Calcaterra of Real Estate One, who sells real estate in Macomb and Clinton townships. "Many homes have multi offers so buyers are overbidding on homes to get their offer accepted."
Janine Grillo of Weichert Realty, who primarily sells foreclosed homes in Shelby Township, told Patch that there is a shortage of inventory in the area.
“I see a shortage of foreclosures and an increase in sales prices,” she said, adding that if homes are priced correctly, they'll fly out the door.
“You can’t lowball any prices anymore. If it’s a good foreclosure you’ll be paying asking prices,” she said.
The gains in the Metro Detroit housing market echo those of Macomb County. There was a 17 percent increase in the median sale price and a nearly 28 percent increase in the amount of homes sold from September 2012 to October 2012 in the Metro Detroit area. Livingston County saw the greatest increase, up more than 36 percent over last October. Oakland and Wayne counties join Macomb in double-digit increases in sales and median sales price.
Also, the average amount of days a home will sits on the market has decreased by 16 days in the past year, from 94 to 78.
While buying and selling may drop off in the winter months to come, Calcaterra said there is no reason these positive trends can't hold through the New Year.
"I feel the market will slow once the snow flies and the holidays are upon us, it always does. Buyers will wait to spring and sellers don’t want to bother with all the holiday activities. But a wise seller will list now because there is far less competition then in the spring," Calcaterra said.
Check out the Patch.com Real Estate section for more news on homes for sale and homes that have recently sold in the area.